Bitcoin Price Drops to 14-Month Low, Raising Fears of a Slide Below $60K

Bitcoin Price remains under heavy pressure after falling to its lowest level in 14 months. The recent decline follows a wider crypto market sell-off and has triggered fresh concerns that prices could dip below $60,000 in the near term.

At press time, Bitcoin trades near $69,300, marking a sharp 21% weekly drop and breaking below $70,000 for the first time since November 2024.

 

Analysts Flag Lower Targets for Bitcoin Price

Several analysts warn that the current downturn may deepen. Market watcher Ali Martinez noted that every time Bitcoin loses its 100-week simple moving average, it typically continues falling toward the 200-week SMA. Based on this pattern, Bitcoin Price could decline toward $57,600.

Martinez also identified key downside levels at:

• $60,176
• $47,824

Another trader, Hardy, shared a more pessimistic outlook, suggesting Bitcoin Price could revisit the $30,000 area if selling pressure continues.

PlanB, creator of the Stock-to-Flow model, outlined multiple possible outcomes, ranging from $25,000 to consolidation between $50,000 and $60,000. A recent poll showed nearly half of respondents expect Bitcoin Price to stabilize in the $50K–$60K range.

Exchange Data Signals Rising Selling Pressure

On-chain data supports the bearish view. CryptoQuant reports that Bitcoin balances on centralized exchanges have increased in recent weeks. This trend often signals that investors are preparing to sell, adding pressure to Bitcoin Price in the short term.

Oversold Signals Hint at Potential Bounce

Despite weak sentiment, technical indicators suggest relief could be near. The Relative Strength Index (RSI), which measures market momentum, currently sits around 19. Readings below 30 usually indicate oversold conditions and may signal a short-term rebound.

While Bitcoin Price remains fragile, extreme oversold levels could attract buyers if market confidence improves.

Outlook for Traders

For now, Bitcoin Price stays below key moving averages, keeping the broader trend bearish. A clear break under $60,000 may open the door to deeper losses. However, any recovery attempt is likely to face resistance near former support zones. Traders should closely monitor momentum and exchange flows for early signs of stabilization.

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